ICG Enterprise Trust

ICG Enterprise Trust Dividend Analysis and Summary

• Dividend declared: Final (Q4) dividend of 12.0p per share (subject to AGM approval).
• Total FY26 dividends: 39.0p per share (FY25: 36.0p; +8% YoY; 13th consecutive annual increase).
• Ex-dividend date: 02/07/2026
• Record date: 03/07/2026
• Payment date: 17/07/2026
• Estimated cash cost of final dividend: ~£7.5m.
• Payment frequency: Quarterly (three interim dividends of 9.0p already paid for FY26; final 12.0p proposed).
• Indicative trailing yield: ~2.5% on 1,534p share price as at 31 Jan 2026 (39p/1,534p); ~1.9% on NAV of 2,045p.
• Policy: Board reaffirms progressive dividend policy.

• Coverage and reserves: Revenue return was negative in FY26 (revenue reserve £(7.9)m), so dividends are funded from distributable capital reserves and realisations, consistent with the trust’s structure. The realised capital reserve of £394.8m provides very strong headroom (c. 16x the FY26 dividend bill of ~£24m).
• Cash flow support: FY26 Total Proceeds £382m and portfolio net cash inflow of £188m comfortably covered cash returns (dividends £23.4m and buybacks £28m).
• Balance sheet and liquidity: Low net debt £33m and total available liquidity £227m; multicurrency RCF £260m extended to May 2029. Overcommitment net of liquidity at 32.1% of NAV appears manageable.
• Portfolio performance: Despite a muted FY26 NAV TR (0.5%) and FX drag (–3.6%), underlying portfolio delivered 4.8% LC return and ~13% LTM EBITDA growth. Realisations were healthy (49 full exits, 3.0x MoC, 11.2% uplift), supporting ongoing cash returns.
• Growth trajectory: Dividends up +8% YoY and a ~10% 5-year DPS CAGR. With robust realisation activity, strong reserves, and reaffirmed policy, the progressive path looks well supported, albeit dependent on continued exit markets.